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Income Driven Repayment Plan Purchasing First Home?
I am currently on an Income Driven Repayment Plan and last year my wife and I had a baby so my Federal Student Loans were put on hold. The Federal Loan Advisors told me that I didn't need to pay for that one whole year. My income this year went up $3k. I am now making $45,900. I am trying to get my first house but the lenders for the Mortgage are asking me to get my letter stating I don't have to pay anything. I have to re-certify my student loan this year. I already submitted my letter. Should I email them explaining that I'm trying to purchase my first home and if there is any way they can make my payments $0 this year as well as to allow my wife to find a job and help with the total bills well or should I just wait for a response from them and not ask them anything?
I'm asking about my student loans. My mortgage company said that since the IDR Letter I had supplied them last year was old already I have to get a new one and if they (Federal Loan) want me to pay anything that I probably won't get approved and won't be able to get a home.
2 Answers
- AnaLv 61 year ago
If you’re thinking of asking your student loans to not bill you for a year, yeah, I suppose it’s worth asking if they can do that. They probably won’t, but it’s worth a try.
If you mean asking your home mortgage to not make you pay for a year… That’s laughable haha, good joke
